Whiskey, Inc. for 4 years when that particular storage unit had a remaining useful life of 4 years. The fair value of the unit was $12,000 at the commencement of the lease on January 1, 2020. The present value of the four equal rental payments of $3,002 at the start of each year, plus the present value of a guaranteed residual value of $1,000, equals the fair value of $12,000, James’ implicit rate of return on the lease of 5%. The storage unit is expected to have no value at the end of the lease term. The following is an incomplete amortization schedule. Date Lease Payment Interest (at 5%) Reduction of Lease Balance of Lease
Receivable Receivable
1/1/20 $12,000
1/1/20
1/1/21
1/1/22
1/1/23
12/31/23
Totals
Complete the amortization schedule above.

In the fall, jay thompson decided to live in a university dormitory. he signed a dorm contract under which he was obligated to pay the room rent for the full college year. one clause stated that if he moved out during the year, he could sell his dorm contract to another student who would move into the dormitory as his replacement. the dorm cost was $5000 for the two semesters, which jay had already paid a month after he moved into the dorm, he decided he would prefer to live in an apartment. that week, after some searching for a replacement to fulfill his dorm contract, jay had two offers. one student offered to move in immediately and to pay jay $300 per month for the eight remaining months of the school year. a second student offered to move in the second semester and pay $2500 to jay. jay estimates his food cost per month is $500 if he lives in the dorm and $450 if he lives in an apartment with three other students. his share of the apartment rent and utilities will be $404 per month. assume each semester is 4.5 months long. disregard the small differences in the timing of the disbursements or receipts. what is the cost of the cheapest alternative?

What is a sort of auction for stocks in which traders verbally submit their offers?

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period